must be exercised, in its full force,
by the Government of the United States and by all other governments, if
stability, permanency, consistency are to be observed or maintained for
the people. This is obviously necessary in a time of peace and
prosperity; it is perhaps more so in a time of rebellion or war, like
the present. Circumstances may arise where it will be the course of
wisdom and safety to suspend specie payment; and, in some extreme
exigencies, to forbid the export of specie.

This position was well explained by Mr. J.W. Gilbart, manager of the
London and Westminster Bank, who, in his testimony before Sir Robert
Peel, in 1843, said, 'If I were prime minister, I would immediately, on
the commencement of war, issue an order in council for the bank to stop
payment. I stated also that I spoke as a politician, not as a banker.
* * * I came to the conclusion that, under the circumstances of the war of
1797, a suspension of cash payments was not a matter of choice, _but of
necessity_.' (_Vide_ 'History of the Bank of England,' New York edition,
p. 130.)

We come now to consider what is necessary, in order to restore the
currency of the United States to a specie footing. This restoration is
demanded alike by motives of justice and sound policy. No contracts can
be well entered into, unless the currency of the country is upon a
substantial and permanent footing of redemption. It is a matter which
concerns every individual in the community; it is especially so to the
General Government in view of its extraordinary expenditures: and no
commercial prosperity can be maintained without it.

A restoration of public and private credit can be accomplished only by
an observance of those sound principles of finance that have been
announced by the wise men of our own and other countries. Mr. Alexander
Hamilton, Mr. Gallatin, Mr. Jefferson, Mr. Madison, each in his turn
advocated a national institution, by which the currency of the country
could be placed upon a reliable and permanent footing. Such an
institution should control the currency and receive surplus capital on
deposit; but need not interfere with the legitimate operations of the
State banks as borrowers and lenders of money, nor encourage in the
slightest degree, through loans, any speculative movements among the
people.

In the next place our people must resort to and maintain more economy in
their individual expenditure, and thus preserve a balance of foreign
t